Question

Bridgeport Corp. has 7.400 shares of common stock outstanding It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31 Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend (Credit account titles ave automoticaly indented when amount is entered Do net indent manualy Record journal entries in the order presented in the problem If no entry is required, select "No Entry for the account titles and enter O for the omounts) Date Account Titles and Explanation Debit Credit Nov. 1 Dec. 31

Answer 1

Date	Account titles and explanation	Debit	Credit
Nov 1	Cash dividends	$37,000	-
	Dividend payable	-	$37,000
	(To record dividend declared)
Dec 31	Dividend payable	$37,000	-
	Cash	-	$37,000
	(To record dividend paid)